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Unit 9 Strictly Legal Support

Satisfactory Essays

15. Trust account records must be kept for at least six years TAR Reg 11(5) Strictly Legal Support: Your reports will be stored in Xero electronically, in the case of loss, damaged or destroyed trust account records or supporting evidence. We recommend the Trust Account Supervisor keeps their trust account reports and records at their office in a safe place for protection against any loss of data or files. Search for topic: electronic storage in our policies and procedures. 16. All receipts, payments, transfers of funds, and balances of money held in the trust account for a client must be identified in a separate ledger account within the trust account in the name of that client TAR Reg 12 Strictly Legal Support: Separate ledgers are held in Xero for you to view at any time, these are accounted for in the end of month reports produced …show more content…

Search for topic: client matter rules and reconciling in Xero in our policy and procedures. 18. Trust money received must be recorded promptly and accurately TAR Reg 12(3) Strictly Legal Support: The reconciler will reconcile every two days (or as required by you). Search for topic: receiving money in the trust account rules in our policy and procedures. Strictly Legal provides guidelines for accurate entry of trust account transactions. Search for topic: formatting in Xero in our policy and procedures. 19. Receipts must be written for each amount received but they may be retained in the receipt book unless the payment is made in cash or the payer requests the receipt be given to them TAR Reg 12(3) and (5) Strictly Legal Support: This is highlighted in our receiving trust account money guidelines in the policy and procedures. 20. Trust bank accounts must be reconciled* at the end of every month TAR Reg

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